Big data is the analysis of a huge collection of data to find existing patterns, trends, and other insights. Business owners can use concrete data to make decisions. eCommerce can benefit from Big Data analytics because they need to identify consumer habits and spending patterns.
Why Big Data Matters to eCommerce
Big Data for eCommerce includes structured information about the customer like mailing address, zip codes, and what they added to their shopping cart. The unstructured data includes emails, likes on social media, tweets, and other information that could be valuable. Online retailers can use the analytic tools to look at their customer’s carts or analyze each individual to learn more about their customers.
How to Utilize Big Data for eCommerce
Enhance the Shopping Experience
Big Data provides eCommerce with unlimited predictions to forecast the consumer’s behavior. They can calculate how many items will be added to shopping carts on average and the time spent between visiting the homepage and making a purchase. Demographics like age, size, and economic status are also useful for creating a better online shopping experience.
Businesses can reduce abandoned shopping carts and reduce purchase time by identifying the bottlenecks. Software development companies in London can also help increase restocking efficiency and introduce the required items ahead of time with Big Data.
Personalize Your Store
Big Data can help you personalize a shopping experience and influence the customer’s buying decision. Millennials expect personal recommendations when they are shopping online. Big Data creates customer profiles that you can use to push certain products.
Segmentation of customers based on gender, age, location, and social media usage is one thing that is possible with Big Data. Software development companies in London can help you create personalized emails and introduce personalized landing pages to target their audience and launch products that appeal to that person.
Better Customer Service
Customer retention depends on their level of satisfaction and without exceptional customer service, no promotion or offer will attract them. It costs up to 10 times less to keep old customers and they are more likely to make more purchases.
Big Data will reveal feedback and analyze customer satisfaction based on product quality. It can also be used to gauge brand perception and pinpoint the moment it changed. By identifying areas of improvement with the assistance of software development companies in London, you can provide better service.
Offer the Best Prices
Customers value a generous offer and companies can utilize Big Data to identify how much the consumers value their products. It depends on their location and their income but the average lies in the same range.
Previously companies would price their products at a markup using their rule of thumb but that no longer works. Software development companies can help analyze products online and analyze competitor’s prices to produce the best offer.